Unibail-Rodamco-Westfield
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Unibail-Rodamco-Westfield is the premier global developer and operator of flagship shopping destinations, with a portfolio valued at €65.2 Bn as at December 31, 2018, of which 87% in retail, 6% in offices, 5% in convention & exhibition venues and 2% in services. The last earnings update was 81 days ago. More info.
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URW Share Price and Events
7 Day Returns
1 Year Returns
URW Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Unibail-Rodamco-Westfield (URW) | -2.4% | -5.3% | -10.3% | -29.8% | - | - |
| NL REITs | -0.2% | -3.8% | -9.1% | -29.2% | 4.7% | 12.4% |
| NL Market | 0.3% | -1.2% | 0.4% | -0.9% | 29.7% | 21.5% |
1 Year Return vs Industry and Market
- URW underperformed the Market in Netherlands which returned -0.9% over the past year.
URW Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
Unibail-Rodamco-Westfield
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Unibail-Rodamco-Westfield.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations | |
| Levered Adjusted Funds From Operations | Average of 14 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 6.9% |
| Perpetual Growth Rate | 10-Year NL Government Bond Rate | 0.4% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year NL Govt Bond Rate | 0.4% |
| Equity Risk Premium | S&P Global | 6.7% |
| REITs Unlevered Beta | Simply Wall St/ S&P Global | 0.5 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.499 (1 + (1- 33%) (139.13%)) |
0.975 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.98 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.37% + (0.975 * 6.65%) |
6.86% |
Discounted Cash Flow Calculation for ENXTAM:URW using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model
The calculations below outline how an intrinsic value for Unibail-Rodamco-Westfield is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
Unibail-Rodamco-Westfield is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.
| Adjusted Funds From Operations (AFFO) (EUR, Millions) | Source |
Present Value Discounted (@ 6.86%) |
|
|---|---|---|---|
| 2019 | 1,526.50 | Analyst x2 | 1,428.55 |
| 2020 | 1,594.00 | Analyst x2 | 1,396.00 |
| 2021 | 1,671.50 | Analyst x2 | 1,369.95 |
| 2022 | 2,078.50 | Analyst x2 | 1,594.21 |
| 2023 | 1,889.00 | Analyst x1 | 1,355.90 |
| 2024 | 1,985.64 | Est @ 5.12% | 1,333.81 |
| 2025 | 2,058.95 | Est @ 3.69% | 1,294.31 |
| 2026 | 2,114.45 | Est @ 2.7% | 1,243.91 |
| 2027 | 2,156.69 | Est @ 2% | 1,187.35 |
| 2028 | 2,189.25 | Est @ 1.51% | 1,127.94 |
| Present value of next 10 years cash flows | €13,331.96 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= €2,189.25 × (1 + 0.37%) ÷ (6.86% – 0.37%) |
€33,875.82 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= €33,875.82 ÷ (1 + 6.86%)10 |
€17,453.46 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= €13,331.96 + €17,453.46 |
€30,785.41 |
| Equity Value per Share (EUR) |
= Total value / Shares Outstanding
= €30,785.41 / 138.37 |
€222.48 |
| Calculation | Result | |
|---|---|---|
| Value per share (EUR) | From above. | €222.48 |
| Current discount | Discount to share price of
€134.60
= -1 x (€134.60 - €222.48) / €222.48 |
39.5% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- Unibail-Rodamco-Westfield's share price is below the future cash flow value, and at a moderate discount (> 20%).
- Unibail-Rodamco-Westfield's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for Unibail-Rodamco-Westfield's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Unibail-Rodamco-Westfield's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in EUR | €8.42 |
| ENXTAM:URW Share Price ** | ENXTAM (2019-06-17) in EUR | €134.6 |
| Netherlands REITs Industry PE Ratio | Median Figure of 5 Publicly-Listed REITs Companies | 16.13x |
| Netherlands Market PE Ratio | Median Figure of 82 Publicly-Listed Companies | 17.09x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Unibail-Rodamco-Westfield.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = ENXTAM:URW Share Price ÷ EPS (both in EUR) = 134.6 ÷ 8.42 |
15.98x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Unibail-Rodamco-Westfield is good value based on earnings compared to the NL REITs industry average.
- Unibail-Rodamco-Westfield is good value based on earnings compared to the Netherlands market.
Price based on expected Growth
Does
Unibail-Rodamco-Westfield's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 15.98x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts |
10.1%per year |
| Netherlands REITs Industry PEG Ratio | Median Figure of 5 Publicly-Listed REITs Companies | 1.48x |
| Netherlands Market PEG Ratio | Median Figure of 65 Publicly-Listed Companies | 1.45x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 15.98x ÷ 10.1% |
1.58x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Unibail-Rodamco-Westfield is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
Unibail-Rodamco-Westfield's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in EUR | €203.67 |
| ENXTAM:URW Share Price * | ENXTAM (2019-06-17) in EUR | €134.6 |
| Netherlands REITs Industry PB Ratio | Median Figure of 5 Publicly-Listed REITs Companies | 0.63x |
| Netherlands Market PB Ratio | Median Figure of 104 Publicly-Listed Companies | 1.93x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = ENXTAM:URW Share Price ÷ Book Value per Share (both in EUR) = 134.6 ÷ 203.67 |
0.66x |
* Primary Listing of Unibail-Rodamco-Westfield.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Unibail-Rodamco-Westfield is overvalued based on assets compared to the NL REITs industry average.
Value checks
We assess Unibail-Rodamco-Westfield's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) Unibail-Rodamco-Westfield has a total score of 3/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
URW Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- Unibail-Rodamco-Westfield's earnings growth is expected to exceed the low risk savings rate of 0.4%.
Growth vs Market Checks
- Unibail-Rodamco-Westfield's earnings growth is expected to exceed the Netherlands market average.
- Unibail-Rodamco-Westfield's revenue growth is positive but not above the Netherlands market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| ENXTAM:URW Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts | 10.1% |
| ENXTAM:URW Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 14 Analysts | 1.6% |
| Netherlands REITs Industry Earnings Growth Rate | Market Cap Weighted Average | 12.2% |
| Netherlands REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 1.1% |
| Netherlands Market Earnings Growth Rate | Market Cap Weighted Average | 9% |
| Netherlands Market Revenue Growth Rate | Market Cap Weighted Average | 3.2% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (5 months ago) | See Below |
| Future Estimates | Average of up to 14 Analyst Estimates (S&P Global) | See Below |
| Date (Data in EUR Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 3,386 | 2,158 | 2,509 | 1 |
| 2022-12-31 | 3,079 | 1,624 | 1,853 | 3 |
| 2021-12-31 | 3,061 | 1,878 | 1,289 | 7 |
| 2020-12-31 | 2,894 | 1,983 | 1,529 | 11 |
| 2019-12-31 | 2,806 | 1,943 | 1,537 | 11 |
| Date (Data in EUR Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 2,968 | 1,794 | 1,031 |
| 2018-09-30 | 2,666 | 1,601 | 1,325 |
| 2018-06-30 | 2,074 | 1,407 | 1,620 |
| 2018-03-31 | 1,977 | 1,447 | 2,030 |
| 2017-12-31 | 2,170 | 1,487 | 2,440 |
| 2017-09-30 | 2,044 | 1,509 | 2,513 |
| 2017-06-30 | 1,919 | 1,532 | 2,587 |
| 2017-03-31 | 1,869 | 1,545 | 2,498 |
| 2016-12-31 | 1,819 | 1,558 | 2,409 |
| 2016-09-30 | 1,895 | 1,563 | 2,502 |
| 2016-06-30 | 1,971 | 1,568 | 2,595 |
| 2016-03-31 | 1,950 | 1,492 | 2,464 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (5 months ago) | See Below |
| Future Estimates | Average of up to 14 Analyst Estimates (S&P Global) | See Below |
All data from Unibail-Rodamco-Westfield Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in EUR Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | ||||
| 2022-12-31 | 12.36 | 12.36 | 12.36 | 1.00 |
| 2021-12-31 | 13.92 | 20.93 | 9.43 | 6.00 |
| 2020-12-31 | 14.73 | 20.14 | 11.84 | 7.00 |
| 2019-12-31 | 13.62 | 16.19 | 12.09 | 4.00 |
| Date (Data in EUR Millions) | EPS * |
|---|---|
| 2018-12-31 | 8.42 |
| 2018-09-30 | 11.76 |
| 2018-06-30 | 15.71 |
| 2018-03-31 | 20.01 |
| 2017-12-31 | 24.46 |
| 2017-09-30 | 25.23 |
| 2017-06-30 | 26.00 |
| 2017-03-31 | 25.15 |
| 2016-12-31 | 24.30 |
| 2016-09-30 | 25.28 |
| 2016-06-30 | 26.26 |
| 2016-03-31 | 24.98 |
*GAAP earnings excluding extraordinary items.
Performance in 3 years
In the same way as past performance we look at the future estimated return
(profit) compared to the available
funds. We do this looking forward 3 years.
- Unibail-Rodamco-Westfield is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
Future performance checks
We assess Unibail-Rodamco-Westfield's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Netherlands market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Netherlands market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Unibail-Rodamco-Westfield has a total score of 2/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
URW Past Performance
How has Unibail-Rodamco-Westfield performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- Unibail-Rodamco-Westfield's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
- Unibail-Rodamco-Westfield's 1-year earnings growth is negative, it can't be compared to the 5-year average.
- Unibail-Rodamco-Westfield's 1-year earnings growth is negative, it can't be compared to the NL REITs industry average.
Earnings and Revenue History
All data from Unibail-Rodamco-Westfield Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in EUR Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 2,967.90 | 1,031.10 | 141.40 | |
| 2018-09-30 | 2,666.05 | 1,325.30 | 132.85 | |
| 2018-06-30 | 2,074.00 | 1,619.50 | 124.30 | |
| 2018-03-31 | 1,976.90 | 2,029.50 | 120.80 | |
| 2017-12-31 | 2,170.00 | 2,439.50 | 117.30 | |
| 2017-09-30 | 2,044.25 | 2,513.15 | 117.45 | |
| 2017-06-30 | 1,918.50 | 2,586.80 | 117.60 | |
| 2017-03-31 | 1,868.95 | 2,497.90 | 117.20 | |
| 2016-12-31 | 1,819.40 | 2,409.00 | 116.80 | |
| 2016-09-30 | 1,895.40 | 2,501.90 | 113.75 | |
| 2016-06-30 | 1,971.40 | 2,594.80 | 110.70 | |
| 2016-03-31 | 1,949.85 | 2,464.40 | 107.35 | |
| 2015-12-31 | 1,928.30 | 2,334.00 | 104.00 | |
| 2015-09-30 | 1,892.65 | 2,188.30 | 99.15 | |
| 2015-06-30 | 1,857.00 | 2,042.60 | 94.30 | |
| 2015-03-31 | 1,823.80 | 1,856.55 | 90.70 | |
| 2014-12-31 | 1,790.60 | 1,670.50 | 87.10 | |
| 2014-09-30 | 1,740.75 | 1,386.90 | 84.65 | |
| 2014-06-30 | 1,690.90 | 1,103.30 | 82.20 | |
| 2014-03-31 | 1,672.75 | 1,196.95 | 81.35 | |
| 2013-12-31 | 1,654.60 | 1,290.60 | 80.50 | |
| 2013-09-30 | 1,656.35 | 1,413.40 | 82.10 | |
| 2013-06-30 | 1,658.10 | 1,536.20 | 83.70 | |
| 2013-03-31 | 1,657.85 | 1,497.40 | 82.95 | |
| 2012-12-31 | 1,657.60 | 1,458.60 | 82.20 | |
| 2012-09-30 | 1,603.60 | 1,330.90 | 82.35 | |
| 2012-06-30 | 1,549.60 | 1,203.20 | 82.50 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- Unibail-Rodamco-Westfield has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Unibail-Rodamco-Westfield used its assets less efficiently than the NL REITs industry average last year based on Return on Assets.
- Unibail-Rodamco-Westfield's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Unibail-Rodamco-Westfield's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Unibail-Rodamco-Westfield has a total score of 1/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
URW Health
How is Unibail-Rodamco-Westfield's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up Unibail-Rodamco-Westfield's finances.
The net worth of a company is the difference between its assets and liabilities.
- Unibail-Rodamco-Westfield's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- Unibail-Rodamco-Westfield's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from Unibail-Rodamco-Westfield Company Filings, last reported 5 months ago.
| Date (Data in EUR Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 32,141.50 | 25,912.10 | 369.90 |
| 2018-09-30 | 32,141.50 | 25,912.10 | 369.90 |
| 2018-06-30 | 31,548.40 | 27,447.20 | 584.10 |
| 2018-03-31 | 31,548.40 | 27,447.20 | 584.10 |
| 2017-12-31 | 22,693.20 | 16,883.00 | 574.70 |
| 2017-09-30 | 22,693.20 | 16,883.00 | 574.70 |
| 2017-06-30 | 21,781.50 | 17,699.10 | 1,378.90 |
| 2017-03-31 | 21,781.50 | 17,699.10 | 1,378.90 |
| 2016-12-31 | 21,019.70 | 15,968.10 | 400.10 |
| 2016-09-30 | 21,019.70 | 15,968.10 | 400.10 |
| 2016-06-30 | 19,767.80 | 16,102.90 | 540.30 |
| 2016-03-31 | 19,767.80 | 16,102.90 | 540.30 |
| 2015-12-31 | 19,238.60 | 15,689.70 | 342.60 |
| 2015-09-30 | 19,238.60 | 15,689.70 | 342.60 |
| 2015-06-30 | 17,169.30 | 15,430.70 | 286.10 |
| 2015-03-31 | 17,169.30 | 15,430.70 | 286.10 |
| 2014-12-31 | 16,933.20 | 15,773.70 | 831.10 |
| 2014-09-30 | 16,933.20 | 15,773.70 | 831.10 |
| 2014-06-30 | 15,795.00 | 16,237.30 | 819.80 |
| 2014-03-31 | 15,795.00 | 16,237.30 | 819.80 |
| 2013-12-31 | 15,883.70 | 13,822.00 | 103.70 |
| 2013-09-30 | 15,883.70 | 13,822.00 | 103.70 |
| 2013-06-30 | 14,961.50 | 13,304.80 | 49.00 |
| 2013-03-31 | 14,961.50 | 13,304.80 | 49.00 |
| 2012-12-31 | 14,485.60 | 12,450.90 | 59.30 |
| 2012-09-30 | 14,485.60 | 12,450.90 | 59.30 |
| 2012-06-30 | 13,172.20 | 12,223.90 | 51.80 |
- Unibail-Rodamco-Westfield's level of debt (80.6%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has been reduced over the past 5 years (87.2% vs 80.6% today).
- Debt is not well covered by operating cash flow (6.9%, less than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 6.8x coverage).
Financial health checks
We assess Unibail-Rodamco-Westfield's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Unibail-Rodamco-Westfield has a total score of 2/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
URW Dividends
What is Unibail-Rodamco-Westfield's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
€2,000 of
Unibail-Rodamco-Westfield
shares you are expected to receive
€160
in your first year as a dividend.
Dividend Amount
- Unibail-Rodamco-Westfield's pays a higher dividend yield than the bottom 25% of dividend payers in Netherlands (2.37%).
- Unibail-Rodamco-Westfield's dividend is above the markets top 25% of dividend payers in Netherlands (5.85%).
Upcoming dividend payment
Purchase Unibail-Rodamco-Westfield before the 'Buy Limit' to receive their next dividend payment.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 14 Analyst Estimates (S&P Global) | See Below |
| Netherlands REITs Industry Average Dividend Yield | Market Cap Weighted Average of 5 Stocks | 8% |
| Netherlands Market Average Dividend Yield | Market Cap Weighted Average of 69 Stocks | 4% |
| Netherlands Minimum Threshold Dividend Yield | 10th Percentile | 1.7% |
| Netherlands Bottom 25% Dividend Yield | 25th Percentile | 2.4% |
| Netherlands Top 25% Dividend Yield | 75th Percentile | 5.9% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in €) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | 12.48 | 1.00 |
| 2022-12-31 | 12.47 | 3.00 |
| 2021-12-31 | 11.60 | 13.00 |
| 2020-12-31 | 11.37 | 17.00 |
| 2019-12-31 | 10.98 | 16.00 |
| Date (Data in €) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-02-13 | 10.800 | 7.429 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- It is too early to tell whether Unibail-Rodamco-Westfield has stable dividend payments.
- Unibail-Rodamco-Westfield only just started paying a dividend, it is too early to tell if payments are increasing.
Current Payout to shareholders
What portion of
Unibail-Rodamco-Westfield's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are covered by earnings (1.6x coverage).
- Dividends after 3 years are expected to be thoroughly covered by earnings (154.3x coverage).
Income/ dividend checks
We assess Unibail-Rodamco-Westfield's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.7%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Unibail-Rodamco-Westfield afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Unibail-Rodamco-Westfield has a total score of 4/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
URW Management
CEO
| COMPENSATION | €4,999,784 |
| AGE | 56 |
| TENURE AS CEO | 6.2 years |
CEO Bio
Mr. Christophe Cuvillier has been Chairman of Management Board at Unibail-Rodamco-Westfield SE (formerly, Unibail-Rodamco SE) since April 25, 2013 and serves as its Chief Executive Officer. Mr. Cuvillier served as Chief Executive Officer at Unibail-Rodamco-Westfield SE (formerly, Unibail-Rodamco SE) since April 25, 2013. He is Graduate of HEC Business School. He serves as Chairman of the Supervisory Board of WFD Unibail-Rodamco N.V. Prior to joining Unibail-Rodamco, Mr. Cuvillier held various positions within Kering Group from 2000, notably, CEO of FNAC from 2008 to 2010 and CEO of Conforama from 2005 to 2008. Prior to Kering, he spent 14 years with the Luxury Products Division of the L’Oreal Group, both in France and abroad. Appointed to the Unibail-Rodamco MB as Chief Operating Officer in April 2011 (effective June 1, 2011). He is Representative of Unibail-Rodamco as Member of the French Fédération des Sociétés Immobilières et Foncières (FSIF). He is Director of Pavillon de l’Arsenal. He is Representative of Unibail-Rodamco on the Board of Directors of Société Paris-Île-de-France Capitale Économique. He is Chairman of the European Public Real Estate Association (EPRA). He is Director of Viparis Holding. He is Director and Chairman of the Board of Directors of U&R Management BV. He was Director of Comexposium Holding SA. Foreign Companies. He was Director and Secretary of Unibail-Rodamco Spain SLU. (formerly Unibail-Rodamco Inversiones, SLU) and Unibail-Rodamco Ocio SLU. He was Director and Chairman of the Board of Proyectos Inmobiliaros New Visions SLU, Unibail-Rodamco Proyecto Badajoz SLU, Essential Whites SLU, Promociones Inmobiliarias Gardiner SLU, Unibail-Rodamco Steam SLU, Proyectos Inmobiliarios Time Blue SLU. He was SB Chairman of Rodamco Europe BV.
CEO Compensation
- Christophe's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
- Christophe's remuneration is higher than average for companies of similar size in Netherlands.
Management Team Tenure
Average tenure and age of the Unibail-Rodamco-Westfield management team in years:
- The average tenure for the Unibail-Rodamco-Westfield management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team
Christophe Cuvillier
Group CEO & Chairman of Management Board
€5M
56
6.2 yrs
Jaap Tonckens
Group CFO & Member of Management Board
€3M
56
6.9 yrs
Jean-Marie Tritant
President of US
€2M
51
6.2 yrs
Olivier Bossard
Group Chief Development Officer
€2M
54
6.2 yrs
Fabrice Mouchel
Chief Financial Officer of Europe
€1M
48
18.4 yrs
Astrid Panosyan
Group Chief Resources Officer
€1M
47
3.8 yrs
Maarten Otte
Investor Relations
David Zeitoun
Group Director of Legal
50
Pierre Hausswalt
Group Director of Communication and Public Affairs
Sylvain Montcouquiol
Group Director of Human Resources & Organization
Board of Directors Tenure
Average tenure and age of the Unibail-Rodamco-Westfield board of directors in years:
- The average tenure for the Unibail-Rodamco-Westfield board of directors is less than 3 years, this suggests a new board.
Board of Directors
Colin Dyer
Supervisory Board Chairman
€186K
66
2.2 yrs
Mary Harris
Vice Chairman of Supervisory Board
52
Jacques Stern
Supervisory Board Member
54
3.2 yrs
Dagmar Kollmann
Supervisory Board Member
54
5.2 yrs
Jacqueline Tammenoms Bakker
Supervisory Board Member
65
4.2 yrs
Sophie Etchandy-Stabile
Supervisory Board Member
48
4.2 yrs
Philippe Collombel
Supervisory Board Member
57
2.2 yrs
Roderick Marie Stella Munsters
Supervisory Board Member
55
2.2 yrs
Jill Granoff
Supervisory Board Member
56
1.1 yrs
John McFarlane
Member of the Supervisory Board
71
1 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (€) | Value (€) | |
|---|---|---|---|---|---|---|---|---|---|---|
Management checks
We assess Unibail-Rodamco-Westfield's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Unibail-Rodamco-Westfield has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
URW News
Simply Wall St News
Did You Manage To Avoid Unibail-Rodamco-Westfield's (AMS:URW) 30% Share Price Drop?
Unfortunately the Unibail-Rodamco-Westfield (AMS:URW) share price slid 30% over twelve months. … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … We note that for Unibail-Rodamco-Westfield the TSR over the last year was -28%, which is better than the share price return mentioned above.
Simply Wall St - – Full articleWhat Kind Of Shareholder Owns Most Unibail-Rodamco-Westfield (AMS:URW) Stock?
We can see that Unibail-Rodamco-Westfield does have institutional investors; and they hold 44% of the stock. … Insider Ownership Of Unibail-Rodamco-Westfield The definition of company insiders can be subjective, and does vary between jurisdictions. … General Public Ownership The general public, who are mostly retail investors, collectively hold 56% of Unibail-Rodamco-Westfield shares.
Simply Wall St - – Full articleUnibail-Rodamco-Westfield (AMS:URW): Poised For Long-Term Success?
Want to participate in a short research study? … Help shape the future of investing tools and you could win a $250 gift card! … Unibail-Rodamco-Westfield's (AMS:URW) latest earnings announcement in December 2018
Simply Wall St - – Full articleWill Unibail-Rodamco-Westfield's (AMS:URW) Earnings Grow Over The Next Year?
As Unibail-Rodamco-Westfield (AMS:URW) announced its earnings release on 31 December 2018, … analyst consensus outlook appear vastly optimistic, … with profits predicted to ramp up by an impressive 57% next year,
Simply Wall St - – Full articleInvesting In Property Through Unibail-Rodamco-Westfield (AMS:URW)
real estate investment trust (REIT) based in Paris, France. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … They have to meet certain requirements in order to become a REIT, meaning they should be analyzed a different way.
Simply Wall St - – Full articleDoes Unibail-Rodamco-Westfield's (AMS:URW) Stock Price Account For Its Growth?
Unibail-Rodamco-Westfield (AMS:URW) closed yesterday at €143.54, which left some investors asking whether the high earnings potential can still be justified at this price. … Let’s look into this by assessing URW's expected growth over the next few years. … Analysts are predicting good growth prospects for Unibail-Rodamco-Westfield over the next couple of years
Simply Wall St - – Full articleWhat Kind Of Shareholders Own Unibail-Rodamco-Westfield (AMS:URW)?
Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … We also tend to see lower insider ownership in companies that were previously publicly owned. … Unibail-Rodamco-Westfield is a pretty big company.
Simply Wall St - – Full articleWhat Should We Expect From Unibail-Rodamco-Westfield's (AMS:URW) Earnings Over The Next Year?
Since Unibail-Rodamco-Westfield (AMS:URW) released its earnings in June 2018,. … analyst consensus outlook appear cautiously optimistic, … the past 5-year average growth rate of 12%
Simply Wall St - – Full articleDo Institutions Own Shares In Unibail-Rodamco-Westfield (AMS:URW)?
Generally speaking, as a company grows, institutions will increase their ownership. … Conversely, insiders often decrease their ownership over time. … Our analysis of the ownership of the company, below, shows that.
Simply Wall St - – Full articleInvesting In Property Through Unibail-Rodamco-Westfield (AMS:URW)
real estate investment trust (REIT) based in Paris, France. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent
Simply Wall St - – Full articleURW Company Info
Description
Unibail-Rodamco-Westfield is the premier global developer and operator of flagship shopping destinations, with a portfolio valued at €65.2 Bn as at December 31, 2018, of which 87% in retail, 6% in offices, 5% in convention & exhibition venues and 2% in services. Currently, the Group owns and operates 92 shopping centres, including 55 flagships in the most dynamic cities in Europe and the United States. Its centres welcome 1.2 billion visits per year. Present on 2 continents and in 12 countries, Unibail-Rodamco-Westfield provides a unique platform for retailers and brand events, and offers an exceptional and constantly renewed experience for customers. With the support of its 3,700 professionals and an unparalleled track-record and know-how, Unibail-Rodamco-Westfield is ideally positioned to generate superior value and develop world-class projects. The Group has a development pipeline of €11.9 Bn. Unibail-Rodamco-Westfield distinguishes itself by its Better Places 2030 agenda, that sets its ambition to create better places that respect the highest environmental standards and contribute to better cities. Unibail-Rodamco-Westfield stapled shares are listed on Euronext Amsterdam and Euronext Paris (Euronext ticker: URW), with a secondary listing in Australia through Chess Depositary Interests. The Group benefits from an A rating from Standard & Poor's and from an A2 rating from Moody's.
Details
| Name: | Unibail-Rodamco-Westfield |
| URW | |
| Exchange: | ENXTAM |
| Founded: | 1968 |
| €18,624,793,535 | |
| 138,371,423 | |
| Website: | http://www.urw.com |
| Address: |
Unibail-Rodamco-Westfield 7 place du Chancelier Adenauer, CS 31622, Paris, Ile-de-France, 75772, France |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| ENXTAM | URW | Stapled Securities | Euronext Amsterdam | NL | EUR | 05. Jun 2018 | |
| OTCPK | UNBL.F | Stapled Securities | Pink Sheets LLC | US | USD | 05. Jun 2018 | |
| DB | 1BR1 | Stapled Securities | Deutsche Boerse AG | DE | EUR | 05. Jun 2018 | |
| LSE | 0YO9 | Stapled Securities | London Stock Exchange | GB | EUR | 05. Jun 2018 | |
| SWX | 1BR1 | Stapled Securities | SIX Swiss Exchange | CH | CHF | 05. Jun 2018 | |
| BIT | URW | Stapled Securities | Borsa Italiana | IT | EUR | 05. Jun 2018 | |
| WBAG | UL | Stapled Securities | Wiener Boerse AG | AT | EUR | 05. Jun 2018 | |
| BMV | URW N | Stapled Securities | Bolsa Mexicana de Valores | MX | MXN | 05. Jun 2018 | |
| BATS-CHIXE | URWA | Stapled Securities | BATS 'Chi-X Europe' | GB | EUR | 05. Jun 2018 | |
| ASX | URW | CDI 20:1 | Australian Securities Exchange | AU | AUD | 31. May 2018 | |
| OTCPK | UNIR.F | CDI 20:1 | Pink Sheets LLC | US | USD | 31. May 2018 | |
| CHIA | URW | CDI 20:1 | Chi-X Australia | AU | AUD | 31. May 2018 |
Number of employees
Current staff
Industry
| Retail REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/06/17 22:48 |
| End of day share price update: | 2019/06/17 00:00 |
| Last estimates confirmation: | 2019/06/17 |
| Last earnings filing: | 2019/03/28 |
| Last earnings reported: | 2018/12/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
